Bitcoin falls below $8,000, set for worst weekly performance in almost 5 years

Another day and another sell-off for bitcoin with prices down nearly 20%, hovering just above $7,500. The cryptocurrency has seen consistent, steep sell-offs this year, which have erased a big chunk of the rally that pushed prices toward $20,000 in December.

Contributing to the latest sell-off is concerns of a global, regulatory crackdown. India this week joined and China and South Korea in pledging to crackdown on the use of cryptocurrencies.

Facebook (NASDAQ:FB) also announced this week that it would ban cryptocurrency advertisements because many were associated with misleading or deceptive promotional practices.

Bitcoin is now trading at the same price as it was in mid-November, before prices embarked on a steep rally that pushed them to December’s record. The cryptocurrency is headed for its worst weekly performance since 2013, as reported by Reuters.

Bitcoin isn’t the only cryptocurrency experiencing a sell-off. Friday morning, ethereum and litecoin were both down over 20%, while ripple fell more than 30%